Google Inc (NASDAQ:GOOG) shares have taken off over the past year, especially since share of Apple Inc. (NASDAQ:AAPL) started taking hit after hit. Analysts were predicting that Apple shares would top $1,000 each, and now they’re saying the same thing about Google. But is there any chance in reality that it will actually happen?

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Mutual funds are certainly taking notice of the stock, and they have just begun favoring it over Apple Inc. (NASDAQ:AAPL) as of the latest stock report on them. Also while shares of Apple topped off at $705 per share, Google has been hovering just above $800 per share for the past month, other than when they hit a record high near $840 per share early in the month.

Over the past year, Google Inc (NASDAQ:GOOG)’s stock has risen from around $655 per share up to over $800 per share. So can it hit $1,000 per share?

Let’s face it: Google Inc (NASDAQ:GOOG) is no longer just a search company. It now has its fingers in a broad spectrum of products, from smartphone hardware through Motorola Mobility, which it acquired last summer, to out-of-the-box products like Google Glass, which is expected to change the way we experience computing devices. And then there’s the self-driving car and the Android mobile platform, and don’t forget about Gmail, YouTube, Google Plus and other networked services provided by the search giant.

In spite of having its fingers in all of these different pots, it’s interesting to see just where Google Inc (NASDAQ:GOOG) gets its money from. Insider Monkey examined the company’s regulatory filings and found that the vast majority of revenue Google makes (62 percent) does indeed come from its search engine. Google Network sites makes up 25 percent of the Google Pie, while Motorola accounts for just 8 percent. And all those projects that fall into the “other” category—a mere 2 percent.

Now this certainly isn’t to say that these percentages will remain the same. However, it does show just how diversified Google’s product portfolio is. Even though it doesn’t currently make a lot of revenue from its other divisions, it could in the future, and this may be one of the problems Apple Inc. (NASDAQ:AAPL) has run into.

The iPhone maker simply isn’t as diversified as Google Inc (NASDAQ:GOOG) is, and investors are starting to worry. They question whether the big innovator is now Google instead of Apple because Google seems to be everywhere.

So could Google Inc (NASDAQ:GOOG) reach $1,000 per share? Well, that depends on whether investors decide to push it up that high.